Wednesday, November 29, 2023

Big business gave $ 1.1 million to Republicans who opposed Biden’s victory | Business and economic news

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Six of the biggest fund managers, according to a new study, gave $ 1.1 million to Republican lawmakers who opposed certification of the 2020 presidential election results.

The political action committees of BlackRock Inc., Vanguard Group, JPMorgan Chase & Co., Fidelity Investments, State Street Corp. and Bank of New York Mellon Corp. have contributed to one or more of these lawmakers in election cycles since 2016, according to analysis by Majority Action.

The nonprofit, which advocates for corporate governance issues, calls on companies to suspend contributions to any lawmakers who opposed Joe Biden’s Electoral College victory on Jan.6, after supporters President Donald Trump stormed the Capitol.

“We are looking for asset managers to fundamentally stop donating to those who voted against accepting the election results,” Eli Kasargod-Staub, co-founder of Majority Action, said in an interview. He added that companies that choose to end all campaign contributions are guilty of “inadequate bilateralism.”

Donations from PAC to opponents

  • BlackRock: $ 92,050 to 15 objectors
  • BNY Mellon: $ 97,445 to 23 objectors
  • Loyalty: $ 286,256 to 31 objectors
  • JPMorgan: $ 353,363 to 42 objectors
  • State Street: $ 76,630 to 20 objectors
  • Vanguard: $ 187,000 to 30 objectors

Source: Majority share

Of the companies highlighted in the study, only State Street has publicly committed to taking such a step. He has suspended donations from his political action committee to Republicans who voted against Biden’s certification, the Boston-based company said in a statement.

“The guilt for this untenable challenge to our Constitution and American values ​​goes beyond the criminals who attacked our Capitol, and also lies with a number of our elected leaders who, in fact, have perpetuated the lies and counter- truths about the outcome of the 2020 presidential election, ”State Street said in a statement on its website.

BlackRock and JPMorgan have halted all contributions through their PACs, without focusing on lawmakers who perpetuated the false allegations of voter fraud.

U.S. businesses face increasing pressure to respond to violence last week, when insurgents occupied Capitol Hill after Trump pressured them into claiming the election was stolen. Companies such as AT&T Inc., General Electric Co. and Marriott International Inc. say they are suspending contributions to opposing lawmakers.

On Tuesday, Trump refused to accept blame for the carnage, calling his Jan.6 remarks “totally appropriate.”

Of the 147 lawmakers who opposed certification of election results, Majority Action found that 59 had received donations from at least one of six asset managers since the 2016 election cycle.

JPMorgan, which has a fund management arm and is America’s largest bank, contributed more than $ 353,000 to 42 of the Republican opponents during that time. BlackRock, the world’s largest asset manager, has contributed more than $ 92,000 to 15 opponents, according to Majority Action. BlackRock disputed the figure, claiming he donated around $ 85,000.

Fidelity spokesperson Vin Loporchio said the company is “constantly evaluating” donations through its PAC. A representative for Vanguard said the company suspended PAC operations in December. In a memo to staff announcing its decision to end all PAC donations, BlackRock said it and other businesses “have an important role to play in supporting our democratic system.”

JPMorgan and BNY Mellon declined to comment.

“We have a minority group of politicians who tried to overturn the election results,” said Kasargod-Staub of Majority Action. “The most important thing to immediately understand from any business is, ‘Do they think it’s okay or not? “, Did he declare.

Griffin Donations

Others on Wall Street have donated to GOP lawmakers, beyond those cited by Majority Action.

Billionaire Ken Griffin’s hedge fund and securities firm have backed several of the Republican opponents in recent years. In October 2018, he contributed to Missouri Rising Action – a one-candidate PAC supporting Senator Josh Hawley. In 2020, Griffin donated the legal maximum of $ 2,800 to several House members who opposed the electoral college votes.

A spokesperson for Griffin declined to comment.

Civil unrest can continue.

The FBI warned of plans for armed protests in all 50 state capitals and Washington, DC, in the days leading up to the Jan.20 inauguration.


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